Business
Issue of Equity, Trading Update and Notice of GM
Issue of Equity, Trading Update and Notice of GM.
About this update from Sdi Group Plc
[{"type":"text","content":"\n \nRNS Number : 5422H Scientific Digital Imaging Plc 21 June 2013 \n\n \nScientific Digital Imaging PLC\n \nIssue of Equity\nand\nTrading Update and Notice of General Meeting\n \n£850,000 Equity Fundraising\n \nScientific Digital Imaging plc (AIM: SDI, \"SDI\" or the \"Company\"), the AIM quoted group focused on the application of digital imaging technology to the needs of the scientific community, is pleased to announce that it has conditionally raised approximately £850,000 (before expenses) through a placing of 4,833,334 new ordinary shares of 1p each (\"Ordinary Shares\") at a price of 15 pence per Ordinary Share, and following the receipt of subscriptions for 833,334 Ordinary Shares at a price of 15 pence per Ordinary Share, (\"New Shares\") (the \"Equity Fundraising\"). The issue of the New Shares is conditional, inter alia, on shareholder approval at a General Meeting.\n \nThe proceeds of the Equity Fundraising will be used to repay in full the £379,000 of outstanding convertible loan stock, which is repayable in July 2013, together with all interest that has accrued thereon. \n \nAlongside the Equity Fundraising, the Company has also entered into a loan agreement with an existing shareholder, Dana Investments BV (\"Dana\"), whereby Dana will lend to the Company £50,000 as an interest bearing loan (the \"Loan\"). Dana is also participating in the Equity Fundraising as to 333,334 New Shares and on completion of the Equity Fundraising Dana will hold 3,496,494 Ordinary Shares representing 15.2 per cent. of the Company's issued share capital as enlarged by the New Shares.\n \nThe balance of the proceeds of the Equity Fundraising, together with the Loan, will be used for general working capital purposes and software development. \n \nCommenting on the above arrangements, Chairman Ken Ford said, \"I am delighted that SDI has received further investor support in this funding round. We now have a stronger platform on which to build our business. We look forward to updating the market with progress.\"\n \nTrading Update\n \nIn the last 12 months the Company has seen revenue growth globally in the major application areas with improved gross margins. Over the period SDI has restructured its manufacturing to reduce the cost base. New systems have been imp...